(A) With respect to an insurer registered under Sections 38-21-130 through 38-21-240 and pursuant to subsection (C), the director or his designee also may participate in a supervisory college for a domestic insurer that is part of an insurance holding company system with international operations to determine compliance by the insurer with this chapter. The powers of the director or his designee with respect to supervisory colleges include, but are not limited to:
(1) initiating the establishment of a supervisory college;
(2) clarifying the membership and participation of other supervisors in the supervisory college;
(3) clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;
(4) coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and
(5) establishing a crisis management plan.
(B) A registered insurer subject to this section must be liable for and shall pay the reasonable expenses, including reasonable travel expenses, for the participation of the director or his designee in a supervisory college pursuant to subsection (C). For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the director or his designee may establish a regular assessment to the insurer for the payment of these expenses.
(C) In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes, and as part of the examination of individual insurers in accordance with Section 38-21-280, the director or his designee may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal, and international regulatory agencies. The director or his designee may enter into agreements pursuant to Section 38-21-290(C) to provide the basis for cooperation between the director or his designee and the other regulatory agencies, and the activities of the supervisory college. Nothing in this section delegates the authority of the director or his designee to regulate or supervise the insurer or its affiliates within its jurisdiction to the supervisory college.
HISTORY: 2015 Act No. 2 (S.342), Section 2, eff March 9, 2015.
Structure South Carolina Code of Laws
Chapter 21 - Insurance Holding Company Regulatory Act
Section 38-21-10. Definitions.
Section 38-21-20. Authority of insurers to organize or acquire subsidiaries.
Section 38-21-30. Authority of insurers to invest in securities of subsidiaries.
Section 38-21-40. Investments in securities of subsidiaries are not subject to other restrictions.
Section 38-21-70. Contents of statement; amendment.
Section 38-21-90. Approval of Commissioner of acquisition of control; hearing.
Section 38-21-100. Certain transactions exempt from Sections 38-21-60 to 38-21-120.
Section 38-21-110. Violations of Sections 38-21-60 to 38-21-120.
Section 38-21-120. Jurisdiction of courts; service of process.
Section 38-21-130. Registration of members of insurance holding company systems.
Section 38-21-140. Registration statement.
Section 38-21-150. Summary outlining changes since previous registration statement required.
Section 38-21-160. Information which need not be disclosed in registration statement.
Section 38-21-170. Dividends and distributions must be reported.
Section 38-21-180. Information from persons within insurance holding company.
Section 38-21-190. Termination of registration.
Section 38-21-210. Filing of registration statement on behalf of affiliated insurer.
Section 38-21-220. Disclaimer of affiliation.
Section 38-21-225. Annual enterprise risk report.
Section 38-21-230. Failure to timely file registration statement.
Section 38-21-240. Exemptions from registration statement provisions.
Section 38-21-250. Standards for transactions within insurance holding company system.
Section 38-21-260. Determining adequacy of insurer's surplus.
Section 38-21-270. Notice and approval of extraordinary dividends or distributions required.
Section 38-21-280. Examination; compulsory production of information.
Section 38-21-285. Participation in supervisory colleges.
Section 38-21-290. Confidential information.
Section 38-21-295. Group-wide supervisor for internationally active insurance groups.
Section 38-21-300. Regulations and orders of director.
Section 38-21-310. Enjoining violations of chapter, regulations, or orders.
Section 38-21-350. Director may take possession of property and conduct business of insurer.
Section 38-21-360. Authority of receiver to recover certain distributions and payments.
Section 38-21-370. Judicial review of action, order, or decision of director.